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Time of India
04-07-2025
- Business
- Time of India
Cartel probe: CCI seeks 9 years of financial records from UltraTech, Dalmia Bharat, others; flags ONGC tender cartelisation
India's Competition watchdog, the Competition Commission of India (CCI) has directed UltraTech Cement — which now controls India Cements — along with Dalmia Bharat and Shree Digvijay Cement, to furnish detailed financial records and income tax data following a Director General (DG) report that flagged violations of competition norms in a tendering process by ONGC. In its order dated May 26, the fair trade regulator asked UltraTech to submit India Cements' audited financial statements — including balance sheets and profit and loss accounts — for the financial years 2014-15 to 2018-19. Dalmia Bharat and Shree Digvijay Cement have been asked to submit similar records spanning nine financial years from 2010-11 to 2018-19, PTI reported. The CCI also instructed designated executives of all three cement companies to provide personal financial details and income tax returns for five years, in addition to formal responses to the DG's report. The move follows a complaint filed by state-run ONGC alleging cartelisation in its procurement tenders. On November 18, 2020, CCI had ordered the DG to investigate. The probe report, submitted on February 18, 2025, found evidence suggesting that India Cements, Shree Digvijay, and Dalmia Bharat, in alleged coordination with a middleman named Umakant Agarwal, were engaged in anti-competitive conduct. Taking note of the findings, the CCI's order said companies must also report the revenues earned from sales related to the alleged cartelised activities. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like La Spezia: L'ultima soluzione acustica svizzera: ingegnosa e quasi invisibile Migliora Udito Undo The regulator cautioned that failure to provide the required information — or providing incomplete or false details — could attract penalties under Section 45 of the Competition Act. In December 2024, UltraTech Cement became the promoter of India Cements after acquiring a 32.72% stake from its promoters and promoter group entities. This followed an earlier market purchase of a 22.77% stake, making the Aditya Birla Group-owned UltraTech the controlling shareholder of the Tamil Nadu-based company. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
27-05-2025
- Politics
- Time of India
Temple land row should be resolved by endowments tribunal: HC
Hyderabad: Justice CV Bhaskar Reddy of the Telangana high court has held that it is the endowments tribunal—not the high court—that should adjudicate ownership claims when both the endowments department and private individuals, such as temple priests, assert title over the same land. The court directed Arutla Srinivasa Charyulu and Arutla Narasimha Charya, two priests from Odela village in Peddapalli district, to approach the endowments tribunal for relief in their dispute over more than 10 acres of land reportedly belonging to Sri Sitaramachandra Swamy temple and Sri Anjaneya Swamy temple. The ruling came as part of the disposal of a writ petition filed by the two petitioners, who claimed that the land in question was ancestral property passed down from their father, the late Narahara Charyulu. They argued that their family's traditional role as priests of the temples did not affect their rights as private landowners. In support of their claim, they cited their names—along with their late father's—being recorded as pattadars in revenue records, and the issuance of valid pattadar passbooks in 2018. The petitioners alleged that the revenue and endowments departments, without issuing notice or conducting any inquiry, had unilaterally replaced their names with that of the temple deities in official land records. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Foggia: L'ultima soluzione acustica svizzera: ingegnosa e quasi invisibile Migliora Udito Undo As a result, they claimed to have been denied agricultural benefits provided by the govt. Bhukya Mangilal Nayak, counsel for the govt and endowments department, refuted these claims. He argued that mere service as temple priests does not confer ownership rights over temple lands. According to the state, the disputed property has long been classified as temple land, and the petitioners had failed to contest this status for years. Moreover, the govt emphasised that the proper forum to resolve such disputes is the endowments tribunal, and not the high court under Article 226 of the Constitution. Agreeing with the state's contention, the court clarified that entries in revenue records such as pahanis do not establish ownership rights. They serve only for classification purposes and do not override the legal framework governing temple lands under the Telangana Charitable and Hindu Religious Institutions and Endowments Act, 1987, the court said. The high court concluded that the matter falls squarely within the scope of section 87 of the Endowments Act, and that the endowments tribunal is the appropriate authority to determine ownership and classification issues related to temple property. It further clarified that the tribunal's decision would be made independently, without being influenced by the observations of either the district collector or the high court.
